Fluor, CNOOC combine on fabrication yard

Offshore staff

IRVING, Texas Fluor Corp. (NYSE: FLR) and China National Offshore Oil Corp. subsidiary Offshore Oil Engineering Co. Ltd. have agreed to form a new joint venture, COOEC Fluor Heavy Industries Co. Ltd., through which the two companies will own, operate, and manage the Zhuhai Fabrication Yard in China’s Guangdong province.

As part of the joint venture, Fluor will make two stages of investments: an initial cash investment of $350 million after all regulatory approvals are received, which is targeted for late 2015, and a $139-million investment in 3Q 2016. Fluor will hold 49% of the joint venture, with COOEC holding 51%.

At 2 million sq m (21.6 million sq ft), the yard can accommodate fabrication modules weighing more than 50,000 tons.

08/20/2015

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...